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Jason M
My parents do not have the best credit and cannot co-sign for me for a car loan. I am a manger for OfficeMax and make very good money but I have nobody to co-sign. What can I do??
Also, I live in missouri if that makes a difference.
Answer
It's possible to get an auto loan w/ no credit & no cosigner. It's not guaranteed but you'll be required to put a LOT down on the vehicle and the bank will want to see recent pay stubs, bank statements(It helps to show both checking and savings accounts), and statements from your broker if you have any money market accounts. They will also check with your employer to verify that you're actually employed by Office Max and you may even have to show a recent 1099 to prove the income you put on the loan application.
Since you're only 18, be sure to check on insurance before you even try for the vehicle. Most banks required you to hold full coverage on the vehicle until it's paid off. And the reason I'm saying this is because even if your MVR is 100% clean, full coverage on anything will be high.
ps:
Don't negotiate any loans from links or email addresses that were spammed on here. All they're trying to do is obtain your personal info..
It's possible to get an auto loan w/ no credit & no cosigner. It's not guaranteed but you'll be required to put a LOT down on the vehicle and the bank will want to see recent pay stubs, bank statements(It helps to show both checking and savings accounts), and statements from your broker if you have any money market accounts. They will also check with your employer to verify that you're actually employed by Office Max and you may even have to show a recent 1099 to prove the income you put on the loan application.
Since you're only 18, be sure to check on insurance before you even try for the vehicle. Most banks required you to hold full coverage on the vehicle until it's paid off. And the reason I'm saying this is because even if your MVR is 100% clean, full coverage on anything will be high.
ps:
Don't negotiate any loans from links or email addresses that were spammed on here. All they're trying to do is obtain your personal info..
Where can I get a car loan in Michigan/Ohio with bad credit?
Felicia W
I am told that there are some car lots who will allow you to re-establish credit with a car loan--even if the interest rate is higher. I need another vehicle ASAP!
Answer
You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-loans.html
You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-loans.html
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